Almost 300 jobs will be axed at a Kidderminster-based boat manufacturers which has become the latest in a long line of businesses throughout the region, to fall victim to the credit crunch.

Bosses at Sealine have announced that the firm will be slashing its manufacturing production from three sites to one.

The company, which makes finished boats and boat parts, currently operates from three sites at Kidderminster, Hartlebury and Burntwood. 

But from early 2009 production will only take place from Sealine’s main site at Whitehouse Road in Kidderminster, leaving 297 workers out of a job. The company today blamed worsening economic conditions for its decision to downsize.

Steve Coultate, Sealine’s managing director, said: “It is with great regret that we are planning these changes, but they are necessary given the current leisure marine market conditions and economic environment. 

“We need to take action to protect the long-term prospects of both our company and our international dealer network.” 

Councillor Stephen Clee, cabinet member for regeneration at Wyre Forest District Council, said: “I am sure the Kidderminster site will be able, once the current economic problems of global markets have been sorted, to accommodate any expansions necessary to bring the production back to its current levels.”